Regency Park penthouse tops 2022 transactions with $8.6 mil profit

/ EdgeProp Singapore |

December 23, 2022 8:00 AM SGT

The penthouse at Regency Park was sold on Aug 31 for $14.1 million ($2,200 psf) (Picture: The Edge Singapore)

SINGAPORE (EDGEPROP) - The sale of a 6,415 sq ft penthouse at Regency Park, on Nathan Road in prime District 10, was the most profitable transaction for the year, based on caveats lodged from Jan 1 to Dec 6. It was sold for $14.1 million ($2,200 psf) on Aug 31. The seller bought the unit for $5.5 million ($857 psf) in April 1998. As a result, they reaped a profit of $8.61 million (156.6%) on the transaction or an annualised profit of 3.9% over nearly 24½ years.

It is the most profitable transaction recorded at Regency Park, beating the previous record held by a 3,649 sq ft unit on the 12th floor. The unit, purchased for $2.85 million ($781 psf) in July 2003, was sold for $7.35 million ($2,014 psf) in April 2011. Hence, the seller netted a gain of $4.5 million over a holding period of almost eight years.

The freehold Regency Park was completed in 1987. It has eight 25-storey residential blocks, which houses 292 apartments. Units consist of three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft.

Another District 10 luxury condominium, Ardmore Park, saw the second-highest gain this year. It follows the sale of a 2,885 sq ft four-bedroom unit on the sixth floor for $12.5 million ($4,333 psf) on Nov 4. The unit had previously changed hands for $4.75 million ($1,647 psf) in December 2000. This means the seller clocked a profit of $7.75 million (163.2%) over a nearly 22- year holding period, which works out to an annualised profit of 4.5%.

Several transactions with high-quantum gains have occurred at Ardmore Park throughout the year. In July, two adjacent units, both four-bedders measuring 2,885 sq ft, were sold on July 5. A property title search shows that members of an Indonesian family purchased both units. One of the units was sold for $14.08 million ($4,881 psf), marking a new psf price high for resale transactions at the development. The seller purchased the unit for $9.08 million ($3,148 psf) in October 2010. As such, they netted a profit of $5 million (55.1%), making it the second-highest gain recorded at Ardmore Park this year. The other unit was sold for $11.5 million ($3,986 psf). The seller, who had purchased the unit in May 2019 for $8 million ($2,773 psf), enjoyed a profit of $3.5 million or 43.8%.

A four-bedroom unit at Ardmore Park made the second-highest gain this year, raking in a $7.75 million profit (Picture: Samuel Isaac Chua/The Edge Singapore)

The 330-unit Ardmore Park is a freehold luxury development by Wharf Estates Singapore (formerly Wheelock Properties). Completed in 2001, it has three 30-storey towers. The typical units at the development are four-bedroom apartments measuring 2,885 sq ft, and six duplex penthouses of 8,740 sq ft each.

Reflections At Keppel Bay saw the third most profitable transaction this year. This follows the sale of a 7,050 sq ft unit for $17.63 million ($2,500 psf) on Sept 12. The unit, located on the 40th floor, had sold for $11 million ($1,560 psf) on Sept 10, 2021. This means the seller netted a profit of $6.63 million or 60.2%.

Given the holding period of a year, the seller would have been subjected to the seller’s stamp duty (SSD) on the transaction. An SSD rate of 12% is applied on properties held for up to a year, 8% for properties held for more than a year but up to two years, and 4% for properties held for more than two years but up to three years.

Reflections at Keppel Bay - EDGEPROP SINGAPORE

Reflections at Keppel Bay, which saw the third-highest gain for the year, also saw two of 2022’s top losses (Picture: Samuel Isaac Chua/The Edge Singapore)

Reflections At Keppel Bay is a 1,129-unit waterfront luxury development in prime District 9 by Keppel Land. The 99-year leasehold development was completed in 2011 with six residential towers of between 24 and 41 storeys and 11 low-rise villa apartment blocks.

Meanwhile, the top loss of the year was at The Marq on Patterson Hill, following the Sept 7 sale of a 3,089 sq ft unit for $13.38 million ($4,331 psf). The seller acquired the four-bedroom unit on the 20th floor for $20.54 million ($6,650 psf) in November 2011. They suffered a loss of $7.16 million (34.9%), which translates to an annualised loss of 3.9% over nearly 11 years.

The transaction marked a record loss for the development, beating the previous record set in December 2017 when a 3,089 sq ft unit was sold for $10.28 million ($3,328 psf). The unit was acquired for $15.2 million ($4,920 psf) in September 2012, meaning the seller incurred a loss of $4.92 million ($32%) over five years.

Located in District 9, The Marq on Paterson Hill is a freehold development by SC Global Developments that was completed in 2011. It features 66 units in two 24-storey towers, with sizes starting from 3,057 sq ft.

Reflections at Keppel Bay also recorded two of the most significant losses in 2022. On April 29, a 3,993 sq ft unit on the fourth floor was divested for $5.85 million ($1,465 psf). The seller, who had purchased the unit for $9.981 million ($2,499 psf) in May 2007, netted a loss of $4.131 million (41.4%) over a 15-year holding period, or an annualised loss of 3.5%.

Separately, a 6,835 sq ft unit on the sixth floor was sold for $12.2 million ($1,785 psf) on Aug 25. It was purchased for $15.55 million ($2,276 psf) in August 2007, meaning the seller lost $3.35 million (21.6%) over 15 years.

Seascape, a 99-year leasehold condominium in Sentosa Cove, saw the third most unprofitable transaction this year. On Oct 21, a 3,380 sq ft duplex penthouse was sold for $5.9 million ($1,746 psf). The seller purchased it for $9.6 million ($2,840 psf) in January 2011, meaning they lost $3.7 million (38.5%) over a holding period of nearly 12 years.

Seascape, a 99-year leasehold condominium in Sentosa Cove, saw the third most unprofitable transaction this year (Picture: Samuel Isaac Chua/The Edge Singapore)

The 151-unit Seascape, developed by Ho Bee Land, comprises two eight-storey residential blocks. Units consist of three- and four-bedders of 2,164 to 4,069 sq ft and eight penthouse units of 3,380 to 4,252 sq ft. It was completed in 2011.